Semi-Autonomous Vehicle Market Global Analysis & Forecast Report 2028
Semi-Autonomous Vehicle Industry Overview
The global semi-autonomous vehicle market demand is anticipated to reach 60.1 million units by 2028, exhibiting a CAGR of 20.8% over the forecast period, according to a new report by Grand View Research, Inc. The rapid growth can be attributed to the rising adoption of driver-assisted technologies, thereby enhancing the driving experience. The confluence of abilities such as electronic braking, adaptive cruise control, and obstacle detection; and continuous technological innovations happening in driving technologies offer an impetus to market growth. Semi-autonomous cars also promise drivers the ability to practice safer driving over the forecast period, thus driving higher adoption. The availability of forwarding collision and lane assistance and progressive learning models in cars helps to remove human error, thus reducing accidents.
Semi-Autonomous Vehicle Market Segmentation
Grand View Research has segmented the global semi-autonomous vehicle market based on level of automation, vehicle type, and region:
Based on the Level of Automation Insights, the market is segmented into Level 1, Level 2, Level 3.
- The level 1 automation segment captured the highest volume share of the semi-autonomous vehicle market in 2020 and is anticipated to register a CAGR of 20.0% from 2021 to 2028. This can be accredited to the rising demand for automobile users to engage in assisted driving technologies.
- Semi-autonomous vehicles are further segmented into level 2 and level 3 automation levels. Level 2 automation captured a significant share in 2020 owing to the ability to offer advanced driver assistance systems(ADAS). ADAS enables the vehicle to control both accelerating/decelerating, lane centering, adaptive cruise control. And steering functions, thus minimizing human effort and risks associated with human judgment. The rising demand for level 2 automation cars has promoted companies such as Tesla and Cadillac to offer level 2 automation in their cars-Tesla Autopilot and Cadillac Super Cruise systems, respectively.
Based on the Type Insights, the market is segmented into Passenger Car and Commercial Vehicle.
- The passenger cars segment captured the highest volume share of 69.90% in 2020. The presence of a high number of passenger cars the rising need to enhance the driving experience promotes the adoption of semi-automated vehicles. Semi-autonomous technology enables drivers to navigate through traffic and maneuver sharp turns more effectively and safely, thereby ensuring lesser stress on the driver.
- The commercial vehicle segment captured significant share in 2020 and is expected to witness a substantial CAGR over the forecast period. Commercial vehicles are usually used over long distances to move goods and products essential for other businesses. The safe movement of goods and the need to allow drivers to maintain their posture and health over long journeys offer wide-scale adoption of semi-autonomous vehicles.
Semi-Autonomous Vehicle Regional Outlook
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa (MEA)
Key Companies Profile & Market Share Insights
Significant companies in the market have started partnering with other companies to improve business operations and enter new markets. This has resulted in increased revenue generation and opened up new business opportunities for technology suppliers.
Some of the prominent players operating in the global semi-autonomous vehicle market include,
- Audi AG
- BMW AG
- Continental AG
- Diamler AG (Mercedes Benz)
- Ford Motor Company
- General Motors
- Honda Motor Company
- Nissan Motor Company
- Toyota Motor Corporation
- Volvo Car Corporation
- Valeo S.A.
- Volkswagen AG
Order a free sample PDF of the Semi-Autonomous Vehicle Market Intelligence Study, published by Grand View Research.